Fintech Slice and North East Small Finance Bank have officially merged, effective Oct. 27, following the receipt of all requisite shareholder and regulatory approvals.
“For over a year, the teams at slice and NESFB have worked tirelessly to make this merger a reality. Today, we're thrilled to be at the starting line of building India's most loved bank. We are grateful to the regulatory authorities, especially the RBI and The Govt of Assam, for trusting us with this transformative journey," said Rajan Bajaj, founder and chief executive officer, Slice and executive director of the merged entity.
In the coming months, the focus will be on streamlining operations to ensure seamless integration and leveraging the combined strengths of both organisations, the companies said.
The merged entity is also set to introduce a range of banking products and services, including savings account, fixed deposits, and credit products among others.
The official announcement comes more than a year after the Reserve Bank of India gave a no-objection certificate for a merger between fintech unicorn Slice and North East Small Finance Bank.
The deal is the first-of-its-kind, with a new-age finance company stepping in to rescue a licenced bank.
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